San Francisco-based payments firm SpotOn Transact has received $40m investment in a funding round led by investment manager Franklin Templeton.

Franklin was joined by Dragoneer Investment Group in the fundraising.

Utilising the fresh infusion, SpotOn intends to speed up its geographic expansion and grow its field sales team.

The firm also plans to raise the headcount at its SpotOn Restaurant division by 100.

Franklin vice president and portfolio manager Chris Anderson said: “Whether you’re a restaurant looking for a cloud-based point-of-sale solution, a salon looking to book appointments through a custom-built website, or an auto repair shop looking for ways to build relationships with customers, SpotOn has developed a variety of powerful solutions for all types of merchants.”

Launched two years back, SpotOn presently employs over 550 staff.

The firm’s solutions cover point-of-sale, digital loyalty and marketing, and review management, among others.

The firm is said to have reported a surge of over 400% in its revenue over the past 12 months.

Its client base is said to have increased by more than 3,500 in the last 90 days.

SpotOn co-founder Matt Hyman said: “SpotOn is redefining how SMBs operate by offering tools previously only accessible to customers with deep pockets or massive teams.

“But for SpotOn, it’s more than just tools and technology—it’s about our team’s unique personal approach to help our clients navigate through these new technologies.”